Annonce • Dec 22
Brødrene Hartmann A/S(CPSE:HART) dropped from OMX Nordic All-Share Index Brødrene Hartmann A/S has been dropped from OMX Nordic All-Share Index. Annonce • Oct 18
Brødrene Hartmann's Board of Directors to Initiate the Process of Delisting Brødrene Hartmann A/S has held an extraordinary general meeting which was convened upon request from the majority shareholder, Thornico, that had proposed a delisting of the company’s shares from trading and official listing on Nasdaq Copenhagen. The proposal was approved with the sufficient majority of a minimum of 90% of the votes cast and of the represented share capital at the extraordinary general meeting. Voting results will be available at Hartmann’s website as soon as possible. The approval of the proposal thus meets the requirements pursuant to Nasdaq's Nordic Main Market Rulebook for Issuers of Shares, Supplement A, Part E, for Nasdaq Copenhagen to accommodate a request for delisting of a company. The requirements are: The proposal is approved by a valid general meeting resolution with a minimum of 90% of the votes cast and of the represented share capital; The notice of the general meeting with the delisting proposal provides a description of the consequences of delisting for shareholders; and The company shall ensure that the shareholders are offered the ability to dispose of their shares for a period of at least four weeks after Nasdaq Copenhagen has approved the company's request for removal from trading and official listing. The board of directors will now initiate the process of delisting the company. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: kr.8.33 (vs kr.3.10 in 2Q 2022) Second quarter 2023 results: EPS: kr.8.33 (up from kr.3.10 in 2Q 2022). Revenue: kr.804.2m (up 1.3% from 2Q 2022). Net income: kr.57.5m (up 169% from 2Q 2022). Profit margin: 7.1% (up from 2.7% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Annonce • Aug 09
Brødrene Hartmann A/S Appoints Kenneth Kongsgaard Kristensen as CFO Brødrene Hartmann A/S has appointed Kenneth Kongsgaard Kristensen CFO effective immediately. Kenneth Kongsgaard Kristensen has been Director of Group Finance at Hartmann since 2014, and he joined the company in 2002. He holds a Master of Science (MSc) degree in Business Administration and Auditing and has previously held finance positions with GEA Niro A/S and Deloitte. Board Change • Jul 19
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Production Manager & Employee Representative Director Palle Andersen is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Annonce • Jul 13
Brødrene Hartmann A/S Announces Board Appointments Brødrene Hartmann A/S announced that at the extraordinary general meeting was convened on 12 July 2023, upon request from the majority shareholder, Thornico Holding A/S, to elect two new members for the board of directors. Henrik Marinus Pedersen and Marianne Schelde were elected as members of the board, while Jan Klarskov Henriksen, Jan Madsen and Pernille Fabricius resigned from the board of directors. At the subsequent initial meeting of the board of directors, Henrik Marinus Pedersen was appointed chairman and Michael Strange Midskov was appointed vice chairman. Reported Earnings • May 10
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr.913.1m (up 21% from 1Q 2022). Net income: kr.90.2m (up 264% from 1Q 2022). Profit margin: 9.9% (up from 3.3% in 1Q 2022). The increase in margin was driven by higher revenue. Recent Insider Transactions • Apr 08
Independent Director recently bought kr.256k worth of stock On the 3rd of April, Jan Madsen bought around 826 shares on-market at roughly kr.310 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 09
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: kr.8.85 (down from kr.10.76 in FY 2021). Revenue: kr.3.35b (up 22% from FY 2021). Net income: kr.61.3m (down 18% from FY 2021). Profit margin: 1.8% (down from 2.7% in FY 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 183%. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Price Target Changed • Nov 17
Price target increased to kr.425 Up from kr.390, the current price target is provided by 1 analyst. New target price is 54% above last closing price of kr.276. Stock is down 20% over the past year. The company is forecast to post earnings per share of kr.3.01 for next year compared to kr.10.76 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr.860.7m (up 37% from 3Q 2021). Net income: kr.25.4m (up kr.24.8m from 3Q 2021). Profit margin: 3.0% (up from 0.1% in 3Q 2021). Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Packaging industry in Europe. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Jan Madsen was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: kr.3.10 (vs kr.7.80 in 2Q 2021) Second quarter 2022 results: EPS: kr.3.10 (down from kr.7.80 in 2Q 2021). Revenue: kr.793.8m (up 20% from 2Q 2021). Net income: kr.21.4m (down 60% from 2Q 2021). Profit margin: 2.7% (down from 8.2% in 2Q 2021). Over the next year, revenue is forecast to grow 5.4%, compared to a 14% growth forecast for the Packaging industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • Aug 18
Brødrene Hartmann A/S Provides Earnings Guidance for the Year 2022 Brødrene Hartmann A/S provided earnings guidance for the year 2022. Based on the development in the first half of the year and the effect of pricing actions, Hartmann maintains expectations of growing reported revenue to DKK 2.9- DKK 3.3 billion and generating a profit margin of 2-7%. Guidance is maintained despite the reclassification of the group's Russian activities as discontinued operations and under the assumption that the supply of natural gas to all factories is sustained throughout the year. While earnings and profit margin are expected to be negatively impacted by continued high prices of recycled paper and energy as well as rising inflation, Hartmann will continue to alleviate these effects through efforts to adjust selling prices, improve the overall price and product mix, and reduce the cost level. Price adjustments will, however, continue to be implemented at a certain time lag. Annonce • May 20
Brødrene Hartmann A/S Provides Earnings Guidance for the Full Year of 2022 Brødrene Hartmann A/S maintains 2022 guidance, expecting to grow overall revenue to DKK 2.9 billion - DKK 3.3 billion for a profit margin of 2% -7% with growth being driven by both improved average selling prices and volume growth. Reported Earnings • May 20
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: kr.3.80 (down from kr.18.47 in 1Q 2021). Revenue: kr.775.5m (up 3.4% from 1Q 2021). Net income: kr.26.0m (down 80% from 1Q 2021). Profit margin: 3.4% (down from 17% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 59%. Over the next year, revenue is forecast to grow 7.3%, compared to a 18% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 18
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr.2.98b to kr.2.92b. EPS estimate also fell from kr.7.93 per share to kr.6.14 per share. Net income forecast to shrink 42% next year vs 13% growth forecast for Packaging industry in Denmark . Consensus price target down from kr.440 to kr.345. Share price rose 5.6% to kr.219 over the past week. Buying Opportunity • May 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be kr.274, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 114% in the next 2 years. Board Change • May 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Jan Madsen was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target decreased to kr.440 Down from kr.545, the current price target is provided by 1 analyst. New target price is 87% above last closing price of kr.235. Stock is down 62% over the past year. The company is forecast to post earnings per share of kr.7.93 for next year compared to kr.10.76 last year. Major Estimate Revision • Mar 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from kr.21.60 to kr.10.69 per share. Revenue forecast steady at kr.2.89b. Net income forecast to grow 0.8% next year vs 17% growth forecast for Packaging industry in Denmark. Consensus price target down from kr.545 to kr.440. Share price was steady at kr.273 over the past week. Reported Earnings • Mar 10
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: kr.10.80 (down from kr.39.61 in FY 2020). Revenue: kr.2.74b (up 6.9% from FY 2020). Net income: kr.74.4m (down 73% from FY 2020). Profit margin: 2.7% (down from 11% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 59%. Over the next year, revenue is forecast to grow 5.4%, compared to a 12% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS kr.0.10 (vs kr.8.40 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr.630.0m (up 3.6% from 3Q 2020). Net income: kr.600.0k (down 99% from 3Q 2020). Profit margin: 0.1% (down from 9.5% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr.7.80 (vs kr.13.10 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: kr.659.2m (flat on 2Q 2020). Net income: kr.53.9m (down 40% from 2Q 2020). Profit margin: 8.2% (down from 14% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2021 earnings released: EPS kr.18.50 (vs kr.8.32 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr.749.7m (up 13% from 1Q 2020). Net income: kr.127.7m (up 122% from 1Q 2020). Profit margin: 17% (up from 8.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS kr.39.60 (vs kr.24.18 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr.2.57b (up 9.0% from FY 2019). Net income: kr.273.9m (up 64% from FY 2019). Profit margin: 11% (up from 7.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 27
New 90-day low: kr.499 The company is down 4.0% from its price of kr.520 on 29 October 2020. The Danish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 19% over the same period. Annonce • Jan 26
Brødrene Hartmann A/S (CPSE:HART) completed the acquisition of Gotek-Litar JSC from GOTEK Group. Brødrene Hartmann A/S (CPSE:HART) entered into agreement to acquire Gotek-Litar JSC from GOTEK Group for approximately DKK 120 million on September 9, 2020. The acquisition has been financed within the framework of Brødrene Hartmann's existing credit facilities. The transaction will not effect Brødrene Hartmann's profit margin in 2020 and will strengthen Brødrene Hartmann's earning per share after closing. The proceeds from the transaction will be used for further development by GOTEK Group. As part of the deal, Brodrene Hartmann confirmed its intention to maintain strong ties with GOTEK Group. The transaction did not affect Gotek-Litar JSC operations. The transaction is expected to be completed in 2020.
Brødrene Hartmann A/S (CPSE:HART) completed the acquisition of Gotek-Litar JSC from GOTEK Group on January 25, 2021. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS kr.8.40 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: kr.607.9m (up 2.8% from 3Q 2019). Net income: kr.57.8m (up 30% from 3Q 2019). Profit margin: 9.5% (up from 7.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annonce • Nov 05
Brødrene Hartmann A/S (CPSE:HART) completed the acquisition of Mohan Fibre Products Pvt. Ltd. Brødrene Hartmann A/S (CPSE:HART) entered into an agreement to acquire Mohan Fibre Products Pvt. Ltd. for approximately DKK 120 million on January 29, 2020. The acquisition is financed within the framework of Brødrene Hartmann's existing credit facilities. The transaction is subject to approval of formal authority of Hartman and is expected to be completed in mid- 2020. Ernst & Young Private Limited, Investment Banking Arm acted as financial advisor for Mohan Fibre Products Pvt. Ltd. Alka Nalavadi and Rinki Ganguli of AZB & Partners acted as legal advisors to Brødrene Hartmann A/S.
Brødrene Hartmann A/S (CPSE:HART) completed the acquisition of Mohan Fibre Products Pvt. Ltd. on November 4, 2020. The transaction is approved by the formal authority of Hartman. Is New 90 Day High Low • Oct 16
New 90-day high: kr.550 The company is up 31% from its price of kr.420 on 17 July 2020. The Danish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: kr.510 The company is up 42% from its price of kr.360 on 01 July 2020. The Danish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 8.0% over the same period. Annonce • Sep 17
Brødrene Hartmann A/S (CPSE:HART) entered into agreement to acquire Gotek-Litar JSC from GOTEK Group for approximately DKK 120 million. Brødrene Hartmann A/S (CPSE:HART) entered into agreement to acquire Gotek-Litar JSC from GOTEK Group for approximately DKK 120 million on September 9, 2020. The acquisition has been financed within the framework of Brødrene Hartmann's existing credit facilities. The transaction will not effect Brødrene Hartmann's profit margin in 2020 and will strengthen Brødrene Hartmann's earning per share after closing. The proceeds from the transaction will be used for further development by GOTEK Group. As part of the deal, Brodrene Hartmann confirmed its intention to maintain strong ties with GOTEK Group. The transaction did not affect Gotek-Litar JSC operations. The transaction is expected to be completed in 2020.